Euro notes in denominations of fives and tens are arranged for a photograph in London, U.K., on Wednesday, Jan. 18, 2012. The euro strengthened and commodities rallied as an official at a Group of 20 nation said the International Monetary Fund is proposing a $1 trillion expansion of its lending resources. U.S. index futures rose before Goldman Sachs Group Inc. reports earnings. Photographer: Simon Dawson/Bloomberg via Getty Images
• EURCHF reversed from support zone
• Likely to rise to resistance level 1.040
EURCHF currency pair recently reversed up from the support zone lying at the intersection of the key support level 1.0335 (which stopped the previous minor impulse wave 1) and the lower daily Bollinger Band.
The upward reversal from this support zone stopped the earlier short-term impulse waves 3 and (3).
Given the strength of the aforementioned support zone – EURCHF currency pair can be expected to rise further toward the next resistance level 1.040.
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